Legal Question in Credit and Debt Law in Texas

crediter trying to sieze building and land

I bought some equipment from a company on a ten year note for 17,000 the corporation i owned closed its doors two years later when my partner died of cancer, the equipment was reposesed, for non payment now over 4 yrs later they are threating to take our building and land and say we now owe 38,000 in the original contract only one of the two parters sighned the contract, no were in it was the building and land put up for collateral.

is there any thing they can do or has the statue ran out. we have also recived a letter from a judge in dallas.


Asked on 12/14/06, 8:23 pm

1 Answer from Attorneys
James Grissom Law Office of James P. Grissom

Re: crediter trying to sieze building and land

You say it was a corporation yet you say your "partner" died. If it was a corporation, the creditor would have to prove that you co-mingled corporate assets with your own. The statute runs 4 years after the last payment is due. Sounds like you need to get a lawyer. I don't understand why you would get a letter from a judge.

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Answered on 12/14/06, 9:07 pm


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